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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
AMLC Philippines Issues Draft Rules for Anti-Human Trafficking Law
By Editors | 25/09/2022
Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.
Cryptocurrency
Binance Set to Secure Crypto Licence for the Philippines
By Editors | 21/09/2022
Binance is in late stage talks to buy a Philippine company that already has VASP and electronic money issuer licences.
Fraud, Scams & Cybercrime
Taiwan Launches Early Warning System to Combat Fraud
By Darien Choong | 18/09/2022
Banks are required to apply additional scrutiny of overseas transfers requested by customers via bank counters, to ensure the transaction is not the result of a fraud attempt.
Anti-Money Laundering
Puerto Rico Authority Agrees on Liquidation of Euro Pacific Bank
By Editors | 17/09/2022
Euro Pacific Bank customers will recoup 100 percent of their deposits. Several hundred investigations are still underway globally over whether the bank was used for tax evasion.
KYC & CDD
Singapore Passes Bill to Regulate Debt Collector Conduct
By Editors | 15/09/2022
Debt collectors will have to be screened by police for licensing. Behaviour that threatens the physical safety of debtors will be prohibited.
Anti-Money Laundering
MAS Identifies AML/CFT Control Lapses at VCCs
By Manesh Samtani | 14/09/2022
MAS found issues with EFI appointment, oversight and escalation. Customer risk assessments and ongoing monitoring need improvement.
KYC & CDD
Singapore Introduces Bill to Enhance Business Trust Governance
By Editors | 13/09/2022
CEOs will have to disclose interests in transactions. Unlisted business trusts will have to obtain and maintain information on beneficial ownership of their units.
Conduct, Culture & Accountability
FSDC Calls for Review of Hong Kong ‘Suitability’ Framework
By Manesh Samtani | 13/09/2022
The FSDC says Hong Kong’s suitability framework has grown too “complex” and the suitability obligations are “overly prescriptive”.
Trading & Investment
Moscow Exchange Reopens Equity Market to Foreign Investors
By Editors | 13/09/2022
The equity market is reopened for non-resident investors from “friendly jurisdictions” and non-residents controlled by Russian legal entities or individuals.
Fraud, Scams & Cybercrime
Thailand Telecoms Must Comply with Scam Prevention Rule
By Editors | 13/09/2022
Telecom operators may not allow customers to register more than 5 SIM cards without ID. Daily penalties will start applying for non-compliance.
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